“Imminent Issuance” – Wed. PM KTFA Thoughts/News 6-23-21

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KTFA

Samson » June 23rd, 2021

A government advisor reveals the goal of the 5 trillion initiative for the Central Bank

23rd June, 2021

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced, on Wednesday, the importance of the recent Central Bank initiative, and indicated that it aims to finance housing complexes for low-income classes, stressing that the initiative represents a strategic goal by moving the labor market.

Saleh said, according to the official agency, that “the monetary policy of the Central Bank of Iraq in recent years has accompanied the changes in monetary policies in the whole world, especially in the face of the long-term economic and technological stagnation that hit the economies of the world,”

noting that “the objectives of monetary policies have expanded in the world.” In general, and the Central Bank of Iraq in particular, towards moving the real economy instead of focusing on the symbolic economy.” He added, “The double crisis that Iraq witnessed in the war on ISIS terrorism and the decline in oil revenues between the years 2014 to 2017, prompted the Central Bank of Iraq to present a $5 billion initiative to support the real sectors (real estate, industrial and agricultural), including youth loans, with concessional financing terms. Long-term and low interest rates, which have recently reached the level of cancellation, especially for real estate loans.

Saleh pointed out that “fighting economic stagnation and unemployment has become at the core of the current monetary policy of the Central Bank of Iraq and is no less important than fighting the problems of hyperinflation that the bank adopted during the first decade of the third millennium,” noting that “inflation and stagnation exhaust the national economy and lead to serious deviations in the economy.” The issues of production and investment on the one hand and the distribution of income on the other hand.”

Saleh pointed out that “the Central Bank’s initiative today focuses on financing the construction of housing complexes for low-income classes within the framework of systematic urban planning for future cities, away from the pressure of existing cities and the problems they may cause in the escalation of real estate rents and pressure on existing infrastructure networks.”

He continued, “The focus on real estate financing represents a strategic objective for monetary policy in moving the labor market, as the construction sector embraces a percentage of no less than 18 percent of the labor force, and it can move two hundred different work paragraphs at the same time.”

He explained, “The back and front links of the housing finance sector from the monetary policy side are a carefully studied issue in addressing the crises of economic stagnation and unemployment in the national economy on the one hand, and the provision of housing supply within the goals of sustainable development on the other hand.”

Yesterday, Tuesday, Central Bank Governor Mustafa Ghaleb Makheef revealed the launch of an initiative worth 5 trillion, in addition to contributing to moving the housing sector to complete the residential complexes that were suspended, as well as the imminent issuance of bonds that enable citizens to invest their money.   LINK

DeepWoodz » June 23rd, 2021

GOOSEBUMP ALERT!!!
Imo….I wasn’t gonna post anything until I saw this…

“as well as the imminent issuance of bonds that enable citizens to invest their money.”

I’m not savvy on bonds but MM and Petra have brought this up on several occasions…

MM- April 10, 2016!! Why is that of interest? Well, it has been five + years.. BONDS have time, date, interest rate and value relationship…

 Them telling us the farmers are to get BONDS, and or arrear payments and not just yet? Wow…

Petra-We see this week the “advance” to Kurdistan and the BONDS to the Farmers. Both are payment programs that are “temporarily” being used outside the budget. Why?

And then there is this…

Final Article  977

“but there is a call to launch an electronic currency for the central bank (as secured BONDS) to satisfy the desire of the new generation to speculate with a real currency that operates under the controls of the central bank.”

Saleh talked of this $5 billion before…

From FA 902…

He continued that “the positive British assessment resulting from raising the name of Iraq from the high-risk countries on the British list in the field of combating money laundering, and in this positive form will enhance the degree of credit rating of Iraq and give confidence to the three European bonds for Iraq that are currently traded in global capital markets, whose value is close to less.” From 5 billion dollars, as well as that it will enhance the creditworthiness of Iraq when conducting the next credit rating, which means that the Iraqi environment has become positive, attractive and encouraging for work and international economic activity.”

Last Sunday, the Central Bank of Iraq announced the issuance of a decision by the British Treasury not to include Iraq in the British classification of high-risk countries, indicating that this would positively affect the facilitation of business and the entry of companies between the two countries.

Don961 » June 23rd, 2021

Counselor Mazhar Saleh: The statements that attacked our clarification on currency zeros… are politicized and unprofessional

 6/22/2021 7:41:34 PM   Baghdad / Obelisk:

Dr. Mazhar Salih, Economic Adviser to Prime Minister Mustafa Al-Kazemi, said on Wednesday, June 23, 2021 that his statement about the project to delete zeros represents a purely economic point of view that included a technical explanation of the issue of the history of the multiplication of zeros in the Iraqi currency during the siege. the past.

In response to statements that criticized his point of view, Saleh considered that they are issued by politicized parties and trolling for words, adding: I have spent seventy-three years of my life and I still face this type of people, considering that people are enemies of what they are truly ignorant of.

Saleh considered that these statements, which claimed that the talk about deleting zeros, caused a recession in the Iraqi market, politicized and issued by people who call themselves politicians and independents.

And the appearance of Muhammad Salih set two conditions for deleting 3 zeros from the currency, while stressing that the option to delete is proposed as part of the strategies for reforming the currency and cash payments system in Iraq.

Saleh told the Obelisk, “The Central Bank of Iraq developed a project to delete three zeros from the Iraqi currency in order to reform the cash payments system, which has become burdened with the insomnia of the economic blockade imposed in the nineties of the last century, and put it into research and study long ago, after looking at about 54 An international experience from the end of the Second World War until the second decade of the twenty-first century, which took place in various countries of the world, in which the monetary payment systems were reformed and made to work more efficiently, the last of which was the Islamic Republic of Iran and before that, Turkey.

He added that “the phenomenon of increasing zeros in the monetary unit or adding zeros to a single monetary unit usually comes due to the exposure of economies to unruly waves of inflation or continuous sharp rises for years in the price level due to wars, sieges and conflicts, which lead to financing the deficit of government budgets through cash issuance.” .

 Saleh believed that “the hyperinflation that hit the Iraqi economy in the nineties of the last century added three numbers to the Iraqi monetary unit (that is, one dinar became equal to a thousand dinars, and ten dinars became ten thousand dinars, and so on for the rest of the categories), while the small categories disappeared from circulation completely, but rather Every 250 fils became equal to 250 dinars, and it was considered the smallest monetary unit in circulation today, which raised the cost of micro-transactions that mostly affect the poor.

He concluded by saying, “The project to delete zeros in Iraq is still technically prepared by the Central Bank of Iraq, which is the official sectoral authority and the monetary authority concerned with this matter and in cooperation with all three state agencies and authorities. and cash payments in Iraq.

link

Source: Dinar Recaps

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